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Biyernes, Hunyo 21, 2013

Auto Loan Financing Philippines - Refinancing or Car Loan Takeout

So what is a car takeout? In the auto loan industry, this means that you have a car bought under a financing institution. It could be either a bank, a lending company in the Philippines, a car dealer who offers a car loan option for second hand cars or from a third party provider.

Having your car financed means that you paid only for the down payment and the third party financing provider will pay out the rest of the cost of the car either from a supplier for new cars or from a car dealer or repossessed car warehouse for a second hand auto.

Now we can't remove the possibilities that we sometimes have a hard time paying for the car loan financing premium. What can you do if you are in this situation? Simple. Have your car refinanced by another third party provider that allows refinancing of your car loan.

If you need this particular service, you can also call it car takeout. Here, the third party financing provider will take the car loan cost and shoulder it and pay it from your financing company and then, you get to pay the proceeds to the new third party provider for auto loan financing. They will just put additional interest to your premium provided you will be able to provide complete requirements and pass the pre qualification standards.

Most lending and financing companies in the Philippines in this case allows car takeout or auto loan financing (refinancing) if you have already paid at least 60% of the total car loan cost or if you have a car loan term of 5 years, you must have already paid at least about 2 years or more of your premium.

If you need any service for car refinancing or car loan takeout, don't hesitate to Contact Me.


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